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by Carmen Petote Certified Financial Planner Allegiance Financial Advisors, Inc.
First of all, do you really need a loan? The interest payments are an additional expense to the business which are better avoided if possible. If you decide you need a loan, keep in mind that most lending institutions are going to be cautious. If you have no background running your own business, they are basically going to set up a personal loan with you. Their concern is that if you fail, they have some collateral, and your business doesn't have any assets which makes them nervous. Banks know that the majority of businesses fail in the first few years, and they don't want to be caught holding the bag. If you decide to borrow money, be very clear on what assets are backing the loan. Good luck with your new venture! Carmen
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